Indian Bank Extends Rs 500 Crore Credit to MSMEs in Chennai

Chennai, Jun 14 (KNN) Public sector lender Indian Bank has reported a significant credit disbursement to Micro, Small, and Medium Enterprises (MSMEs) in Chennai during a recent credit camp.

According to a statement released by the bank, over 440 sanction tickets totaling more than Rs 500 crore were distributed to MSME customers on Wednesday.

The credit camp, organised by Indian Bank in the city, aimed to support local businesses by providing them with necessary financial resources.

MSMEs, known for their crucial role in India's economic landscape, often face challenges in accessing formal credit.

This initiative by Indian Bank aligns with the broader national agenda of strengthening the MSME sector, which is a major contributor to the country's GDP and employment generation.

The bank's statement did not provide details on the terms of the loans or the profiles of the beneficiaries. However, the scale of disbursement indicates a significant boost to the local MSME ecosystem.

Financial analysts will be closely monitoring the impact of this credit infusion on Chennai's business environment in the coming months.

(KNN Bureau)